How to Create a Profitable Side Business (and Keep Your Day Job)

Want to become an entrepreneur while avoiding all the potential pitfalls? Laura interviews Patrick McGinnis, author of The 10% Entrepreneur about why you don't have to choose between your current career and starting a profitable side business. Find out how to balance financial stability and volatility with grace and embrace where even a part-time venture can lead you.

Laura Adams, MBA
3-minute read
Episode #501

Many people want to spread their entrepreneurial wings, but they also don’t want to give up the stability of working for someone else. The startup life seems exciting, but it comes with loads of risk and financial volatility.

No matter if you love your day job because the work is meaningful, you get a steady paycheck, have great coworkers, or are accomplishing a cherished corporate mission, it’s possible to also create a profitable business on the side.

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In my interview with Patrick McGinnis we talk about why you don’t have to choose between your current career and becoming an entrepreneur. He wrote the international bestseller The 10% Entrepreneur: Live Your Startup Dream Without Quitting Your Day Job.

We discuss the upside to having both the stability of a traditional career and an entrepreneurial venture. For many people, including me, this combination is a smart way to diversify income, expand experiences, broaden your network, and stay excited about work.

Patrick and I have a great conversation about:

  • The romance versus the reality of becoming an entrepreneur 
  • How to get the benefits of entrepreneurship with none of the pitfalls 
  • Why becoming a 10% entrepreneur often enhances performance at your day job 
  • Whether you should discuss a side business with employers or coworkers 
  • The best types of business ventures and projects to choose for your talent, experiences, and lifestyle 
  • How to find enough time to create a profitable side business 
  • When bringing in partners and outsourcing to freelancers makes sense

Entrepreneurship takes you to unexpected places … Building new things, meeting new people, and surprising yourself never gets old, so embrace the change to do something out of the ordinary. - Patrick McGinnis

[Listen to the interview using the audio player in the upper right sidebar of this page or on Apple Podcasts, Stitcher, and Spotify]

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About the Author

Laura Adams, MBA

Laura Adams received an MBA from the University of Florida. She's an award-winning personal finance author, speaker, and consumer advocate who is a frequent, trusted source for the national media. Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers is her newest title. Laura's previous book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love, was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show.